Franklin Templeton Expands its Tokenized Money Fund to Solana Blockchain
Franklin Templeton has expanded its US Government Money Market Fund (FOBXX) to include the Solana blockchain.
As the third-largest tokenized money market fund, boasting a market cap of $594 million, FOBXX’s availability on Solana underscores growing institutional interest in blockchain technology.
The fund, which has 544 holders, is already accessible on Ethereum, Coinbase’s Base, Aptos, and Avalanche since last year, with Stellar serving as its primary blockchain.
FOBXX allocates 99.5% of its total assets to US government securities, cash, and repurchase agreements fully backed by US government securities or cash, offering a 4.55% APY.
A recent Pantera Capital report noted that over 90% of new tokens on decentralized exchanges (DEXs) now originate from Solana, a substantial jump from just 1% in late 2023.
